As Audacy continues to engage in discussions with its creditors with respect to potential alternatives regarding a restructuring of its outstanding indebtedness, the company gains an extension on the grace periods before defaulting. Regarding its latest Credit Facility Amendment, it “extends the grace period before which a default in the payment of interest matures into an Event of Default to 68 calendar days. However, if lenders holding a majority of the outstanding obligations under the Credit Facility have not received a substantially final form of agreement with respect to a consensual transaction relating to the Issuer’s funded indebtedness satisfactory to such lenders on or before December 15, 2023, the grace period extension expires after 45 calendar days. This is relevant to the following Credit Facility interest payments: approximately $17,000,000 originally due on October 31, 2023; approximately $785,592 originally due on November 8, 2023; and approximately $1,125,000 originally due on December 28, 2023. Regarding the Receivables Facility Amendment, it amends the cross-default that would otherwise occur under the Receivables Facility in respect of certain defaults in the payment of interest under the Credit Facility, with the effect that such interest payment defaults will not result in an event of default under the Receivables Facility until the expiration of the 68 or 45 calendar day grace periods… and extends certain related covenant accommodations with respect to the Company’s liquidity position through January 7, 2024.”